Morning:
13°c
Yahoo seeks to shut out Icahn
Bill Condie, Evening Standard23.05.08
Internet company Yahoo has postponed its annual meeting as it musters its forces to fight off investor Carl Icahn's bid to take over the board.
The meeting, originally set for 3 July, is now scheduled for the end of that month. Chief executive Jerry Yang is under pressure to prove he can win investors back after rejecting a $47.5 billion (£24 billion) offer from Microsoft.
The software giant has a new proposal that would see it buy Yahoo's search division, but Yang has yet to comment. He is also facing a serious challenge from Icahn, who aims to take control of the board to drive through a Microsoft deal.
All Yahoo's directors are up for re-election at the meeting. Icahn's 10 nominees include himself, Dallas Mavericks owner Mark Cuban and former Viacom chief Frank Biondi.
Icahn now owns 10 million Yahoo shares, with options to buy 49 million more, and has won support from a number of high-profile investors.
